Belmont Inc signed a 3-year construction contract for $2,600,000 on January 1, Y1. Details relating to the contract for Y1: Y1 Costs to date 500,000 Estimated costs to complete 1,500,000 Progress billings during the period 375,000 Cash receipts during the period 250,000 What is the amount of gross profit to be recognized in Y1 if Belmont uses the percentage-of-completion method? Please enter your answer as a dollar amount. Ex: $12,345